This April, Arthur Financial hosted a highly engaging Chief Risk Officer (CRO) Roundtable, where top risk leaders from the insurance industry met to discuss pressing concerns in the current risk landscape. With cybersecurity, geopolitical risks, and talent management at the forefront, the event offered critical insights into how companies can strengthen their risk management strategies in an increasingly unstable world.

The Challenges Posed by Cyber Risk

Cyber and data risk is an area of increasing concern as insurance businesses adapt to hybrid and remote working. Risk exposure has grown significantly, not only through employee access points but also through expanding tech ecosystems and supplier networks.

Key concerns raised included:

• Remote and hybrid working models: Hybrid models have expanded attack surfaces, increasing exposure to phishing, data loss and endpoint risks. Limiting access can help but may also impact productivity.
• Balancing security and functionality: There was a clear tension between enforcing strong security and maintaining operational flexibility. Excessive controls can slow down operations, while regulation practices not being up to the correct standards open the door to breaches.
• Risks of AI use and supported services: The supply chain is now a major risk vector. AI makes phishing and impersonation attacks more convincing, while legacy system integration leaves gaps that are difficult to monitor or control.
• Reliance on US tech providers: Concerns were raised around data sovereignty, resilience, and the risks of relying too heavily on external platforms.

Actionable Insight: Strengthen resilience through network segmentation, robust assessments for partners and services, and early CRO involvement in strategic IT planning.

Building Talent Pipelines in Risk

Attracting and retaining talent in risk remains a top priority as the role becomes more strategic and focused on business. There was wide agreement that prepared teams require new approaches to hiring and development.

Key solutions discussed included:

• Unlocking internal talent: Internal mobility is underutilised. Secondments and structured exposure across the business can help surface adjacent skills and broaden the pipeline.
• Positioning roles around impact: Candidates are drawn to roles offering progression, variety, and influence. Reframe compensation around continuous growth, exposure across the business, and the chance to shape commercial decisions.
• Broadening candidate profiles: The best hires aren’t always from the Lloyd’s Market or those with narrow technical profiles. Risk skills are transferable, and hiring should focus on team needs, not identical experience.
• Designing for diversity: Building a diverse pipeline starts with rethinking job specs and challenging the assumptions baked into how roles are presented.
• Strong succession planning: Developing a clear and intentional approach to succession ensures that future risk leaders are identified early and given the tools to thrive.

Actionable Insight: Reposition risk as a business partnership, not a policing function. Emphasise variety, exposure and growth and actively seek out new voices, perspectives and career backgrounds.

Threats and Opportunities in the Geopolitical Reality

The forum closed with a focused discussion on geopolitics, an area where CROs are expected to provide clarity, strategy, and foresight amid growing volatility. Participants shared concerns around political polarisation, tariffs, and the fragility of global supply chains. But the group also acknowledged that future resilience depends on proactive planning and timely decisions.

Key themes included:

• Planning for economic shock: With inflation and investment volatility rising, businesses are reviewing capital allocations and testing multiple scenarios as standard.
• Spotting opportunity in disruption: Some market shifts present upside potential. CROs were encouraged to map threats and opportunity classes, particularly in cyber, renewables, and evolving liability lines.
• Senior leadership scenario planning: CROs must lead through action and engage senior leadership with clear options, potential consequences and appropriate responses.
• Adapting to rapid change: Traditional planning cycles are no longer fit for purpose. Strategic agility is now just as critical as continuing stability.

Actionable Insight: Embed geopolitical scenario planning into strategy cycles. Equip CROs to lead geopolitical conversations, translating complexity into strategy and enabling boards to act ahead of disruption.

Join the Discussion

The discussions from the roundtable highlight the key role of the modern CRO in shaping resilient, innovative organisations. As geopolitical risks continue to grow, CROs must remain proactive, driving strategic foresight and innovation.

Arthur is committed to supporting the development of risk leaders who can lead with confidence. We host regular discussion events, roundtables and seminars on topics that affect all areas of the insurance industry. If you’re interested in attending or collaborating, we’d love to hear from you.